Survival claim below 1 lakh taxable?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2018 Hi,
My mother is a senior citizen, and received Rs. 15,000 as survival benefit from her LIC New Bhima Bacchat Plan.(The policy gives 15% of the Sum Assured as Survival Benefit every 5 years, the policy hasn't matured, this is only a survival benefit.)

TDS was not deducted under 194DA as the amount is below 1,00,000.

Would someone please clarify if this amount is considered as taxable considering the amount and the fact that no TDS was deducted?Should i include this as income from other sources in her ITR?

Thank You.

Expert : Anonymous

Expert : Anonymous (Expert)

05 April 2018 Yes... it will be shown IFOS in ITR .

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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08 April 2018 Not taxable if premium doesn't exceed 10% of the sum assured

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